Simon, Tanger To Partner on Two New Outlet Centers

INDIANAPOLIS—Locally based Simon Property Group and Greensboro, N.C.-based Tanger Factory Outlet Centers have partnered to build two new outlet centers in Charlotte, N.C. and Columbus, Ohio.

The two companies intend to build a 350,000-sq.-ft. center in Charlotte about eight miles southwest of uptown Charlotte at the interchange of Interstate 485 and Steele Creek Road (NC Highway 160), the two major thoroughfares for the city. There is also the potential of a 50,000-sq.-ft. expansion from the first phase of the project.

This outlet will be named Charlotte Premium Outlets. Tanger will provide site development and construction supervision to the venture, and Simon will provide management services and marketing. Both companies will provide leasing services, and expect the center to have its grand opening in the spring of 2014. When completed, the center will be home to more than 90 upscale brand name and designer outlet stores.

Simon and Tanger also plan to build a similar-sized center in Columbus. The new outlet center will be near I-71, 20 miles north of downtown and 11 miles north of I-270. This outlet will be branded as Tanger Outlets. Simon will provide site development and construction supervision to the venture and Tanger will provide management services and marketing to the joint venture. Both companies will provide leasing services, and expect this center to have its grand opening in time for the 2014 holiday season. When completed, the center will be home to more than 90 stores.

The partnership has completed these centers before, most recently the Tanger Outlets in Texas City, Texas last month. That center was developed through a 50-50 joint venture between Simon and Tanger and is located approximately 30 miles south of Houston and 20 miles north of Galveston on I-45.